Prosper Gold Commences 10,000 Metre Diamond Drill Program at the Golden Sidewalk Project - Red Lake, ON
VANCOUVER, British Columbia, May 25, 2021 (GLOBE NEWSWIRE) -- Prosper Gold Corp. ("Prosper Gold" or the "Company") (TSXV:PGX) is pleased to announce that the 2021 Phase 1 10,000 metre diamond drilling program has commenced at the Golden Sidewalk Project (the “Project”). Drilling will focus on the newly identified Golden Corridor target area. (for details of the Golden Corridor see the Company’s Dec. 1, 2020 news release).
“Drills are turning for the first ever drill program at the Golden Corridor,” commented Peter Bernier, CEO. “We are well financed for Phase 1 with $7 million in cash reserves and a planned $2.2 million budget. Our crews have worked hard to get to this point only 9.5 months after acquiring the Project.”
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/8262e362-cd64-49a9-a185-f313ee038370
Exploration Drill Targeting
Ten drill hole locations are in place with subsequent drilling to be based on initial drilling results. The first drill hole is collared 50 metres “up-ice” of till sample UC-13, which contained 882 pristine gold grains with a concentration by weight of 110.8 g/t gold. A total of 5 holes are shown on the map in this area and will consist of 50 metre and 100 metre step-outs from hole 1. The anomalous till coincides with a high priority target lineament based on geologic and geophysical interpretation data, supported by the recently received IP resistivity results. The resistivity data collected in the 2021 IP survey clearly shows that the originally interpreted lineaments continue eastward and exhibit a strong correlation with the anomalous till samples received by the Company in 2020.
The remaining initial holes will focus in the immediate area of a cluster of highly anomalous pristine gold grain-in-till samples, where a 2nd target lineament will be tested approximately one kilometre to the southwest. The results from the initial drilling of the Golden Corridor will aid in planning of the remaining drill holes comprising the Phase 1, 10,000 metre program. Details will follow as the exploration season progresses.
About the Golden Sidewalk
The Golden Sidewalk is a district-scale gold exploration project covering over 160 square kilometres of contiguous mineral claims and mining leases (see the Company's Aug. 10, Sept. 8, and Sept. 15, 2020 news releases for details) in the western Birch-Uchi Greenstone Belt, approximately 60 km east of Red Lake, Ontario. The vehicle-accessible project straddles 12 kilometres of the Balmer Assemblage – Narrow Lake Assemblage unconformity, a regional-scale feature that has been the Red Lake exploration guide, but which has seen limited exploration in the project area. The recently identified “Golden Corridor” lies immediately north of the unconformity in the western portion of the property and is characterized as a highly prospective, greater than 5 kilometre trend of coincident favourable magnetic and resistivity lineaments supported by highly anomalous gold-in-till samples covering 3.3 by 0.5 kilometres.
For a detailed overview of Prosper Gold visit www.ProsperGoldCorp.com
Qualified Person
The scientific and technical information in this news release has been reviewed by Rory Ritchie, P.Geo., a Qualified Person under National Instrument 43-101.
ON BEHALF OF THE BOARD OF DIRECTORS
Per: “Peter Bernier”
Peter Bernier
President & CEO
For further information, please contact:
Peter Bernier
President & CEO
Prosper Gold Corp.
Cell: (250) 316-6644
Email: Pete@ProsperGoldCorp.com
Information set forth in this news release may involve forward-looking statements under applicable securities laws. Forward-looking statements are statements that relate to future, not past, events. In this context, forward-looking statements often address expected future business and financial performance, and often contain words such as "anticipate", "believe", "plan", "estimate", "expect", and "intend", statements that an action or event "may", "might", "could", "should", or "will" be taken or occur, or other similar expressions. All statements, other than statements of historical fact, included herein including, without limitation, statements about the planned exploration of the Golden Sidewalk project, are forward-looking statements. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following risks: the need for additional financing; operational risks associated with mineral exploration; fluctuations in commodity prices; title matters; environmental liability claims and insurance; reliance on key personnel; the potential for conflicts of interest among certain officers, directors or promoters with certain other projects; the absence of dividends; competition; dilution; the volatility of our common share price and volume and the additional risks identified the management discussion and analysis section of our interim and most recent annual financial statement or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date that statements are made and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable securities laws. Investors are cautioned against attributing undue certainty to forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Figure 1.
